Enagás
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Enagás (ENG) investor relations material

Enagás Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary17 Feb, 2026

Executive summary

  • 2025 marked a year of consolidation and key milestones, with strong progress in supply security, cost control, and hydrogen infrastructure, exceeding budget and strategic targets.

  • The Spanish gas system maintained 100% supply guarantee, played a key role in grid restoration, and saw a 7.4% increase in total demand transported, with exports to France up 58.9%.

  • Major advances in hydrogen projects, including H2med and the Spanish Hydrogen Backbone, secured significant EU funding and industry support.

  • Maintained leadership in ESG ratings, with progress in decarbonization and gender equality initiatives.

Financial highlights

  • Total revenue for 2025 reached €976.8 million, up 7.0% year-over-year; EBITDA was €760.7 million, with recurring net profit at €266.3 million and total net profit at €339.1 million, including gains from asset sales.

  • Net debt stood at €2.475 billion, with over 80% at fixed rates and a financial cost of 2.1%.

  • FFO to net debt ratio was 25.7%, and liquidity exceeded €2.515 billion.

  • Affiliates contributed €155.3 million to EBITDA and €164 million to cash flow, with strong performance from TAP, DESFA, and Enagás Renovable.

  • Asset rotation and divestments, including Tallgrass Energy and Spanish/Mexican assets, generated notable capital gains.

Outlook and guidance

  • 2026 targets: recurring net profit of ~€235 million, EBITDA of ~€620 million, net debt around €2.4 billion, and FFO/net debt ratio above 15%.

  • Net investments planned at €225 million; dividend commitment of €1 per share reiterated.

  • Guidance remains conservative, with upside possible if regulatory or market conditions improve.

Impact of 4.0GW electrolyser aid on H2 strategy
Assess 6.5% RoR impact on long-term profitability
Explain the significant OCF decrease in 2025
Expected gas system remuneration rate for 2027-32?
Current operational hydrogen capacity vs. 2030 target?
Peru arbitration cash flow impact on 2026 net debt?
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Frequently asked questions

Enagas, S.A., engages in the development, operation, and maintenance of gas infrastructures primarily in Spain. The company operates through seven segments: Transportation and Regasification, Storage, Economic Interest Groups (EIG), International Businesses, Electricity Transmission, Telecommunication Infrastructure Services (TIS), and Other Businesses. Enagas, S.A. was founded in 1972 and is headquartered in Madrid, Spain.

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